DGAP-Ad-hoc: CTS Eventim AG & Co. KGaA / Key word(s): Legal Matter
Arbitral tribunal affirms the claim for compensation of the joint venture of CTS EVENTIM and Kapsch TrafficCom against the Federal Republic of Germany
Munich, 25 March 2022. According to the decision of the competent arbitral tribunal, autoTicket GmbH is entitled to damages and reimbursement of expenses against the Federal Republic of Germany. This is apparent from the interim arbitral award delivered to the contractor parties today.
Following the termination of the operating agreement for the collection of the infrastructure charge ("passenger car toll") in Germany, autoTicket GmbH, the joint venture of CTS Eventim AG Co. KGaA and Kapsch TrafficCom AG, has asserted claims for compensation in the amount of approximately EUR 560 million against the Federal Republic of Germany.
The arbitral tribunal confirmed that the claims asserted by autoTicket GmbH in the arbitration proceedings for compensation of the gross enterprise value and for reimbursement of the costs incurred in the execution of the operating agreement exist on the merits. Accordingly, the Federal Republic of Germany, represented by the German Federal Ministry of Transport and Digital Infrastructure, was not allowed to unilaterally withdraw from the contract without compensation. The arbitral award also rejected poor performance, as alleged by the Federal Republic of Germany, as a reason for termination. The first phase of the two-stage arbitral proceedings has thus been concluded.
In the second phase of the arbitral proceedings that now follows, a decision is made on the amount of the claim.
For further information, please contact:
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25-March-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Company:||CTS Eventim AG & Co. KGaA|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1312627|
|End of Announcement||DGAP News Service|
1312627 25-March-2022 CET/CEST